Is it cheaper to insure a Chevy Volt or Toyota Prius?
UPDATED: Jun 6, 2013
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Asked June 6, 2013
It may come as a surprise, but when it comes to hybrid cars you can actually save money by buying a slightly more expensive vehicle. When compared over a 5 year period, The Toyota Prius plug-in costs less to purchase but will end up costing more than a Chevy Volt over time. The primary exception to this is that the insurance for a Volt is noticeably lower than a Prius.
During the first 5 years, the Toyota Prius will cost roughly $2782 per year to insure or around $13,926 for the whole 5 years. By comparison, a Chevy Volt will cost around $1,796 a year for a total of about $8,992 for 5 years. Remember that this is only an estimate, and your actual cost could vary significantly. Similarly, the annual cost of insuring each car goes up over time, resulting in a higher cost to insure as the vehicle is used.
One way to save money on your car insurance for either car is to get an online insurance quote comparison from a website like this one. When you get a quote from the site's preferred insurance carrier, it is automatically compared to quotes from leading insurance competitors, so you can get an idea of what your personal insurance costs will be while you shop for the company to purchase from. Don't forget to check the financial reputation of your final choices with a ratings company like the A.M. Best Company to make sure the company has a stable long term outlook and a firm financial foundation.
While you are shopping for insurance for a Chevy Volt or Toyota Prius, be sure to get discounts for the safety equipment built into the car, and any personal discounts you are eligible for. Anti-lock brakes, electronic stability control and side impact air bags are common vehicle related discounts, along with a variety of security and anti-theft devices. For the individual, discounts range from your age and marital status to where you live and what you do for a living.
Answered June 6, 2013 by Anonymous